After three new acquisitions in Europe, Africa and Canada, TotalEnergies is strengthening its commitment to renewable energy with solar, wind and hydropower projects across multiple markets. TotalEnergies writes in a press release.
- The completion of these three acquisitions in Europe, North America and Africa will contribute to our goal of 35 GW of gross renewable capacity by 2025 and over 100 TWh of electricity production by 2030, says Stéphane Michel, President of Gas, Renewables and Power at TotalEnergies.
In Europe, the company has acquired the German-developed VSB Group, which has a project pipeline of more than 15 GW. With the acquisition, TotalEnergies strengthens its business in Germany, where the group already has positions in offshore wind and acquisitions of energy storage and control companies.
- These acquisitions strengthen our activities in markets where we are expanding our integrated electricity business, such as in Germany and North America, and in countries such as Uganda, where we can exploit synergies with our oil and gas activities, says Stéphane Michel.
In Africa, TotalEnergies has completed the acquisition of SN Power and obtained shares in, among others, the Bujagali hydroelectric power plant in Uganda, which supplies over 25 percent of the country's electricity consumption during peak periods. Projects in Rwanda and Malawi are also included in the agreement.
In Canada, TotalEnergies has entered into agreements with the developer RES to purchase projects of over 800 MW in Alberta and has also completed the acquisition of the 184 MW Big Sky Solar solar plant. More than two-thirds of the electricity from the plant will be sold via a long-term PPA, a so-called power purchase agreement, where the buyer and producer agree in advance on a fixed price and quantity of electricity. The rest will be sold on the electricity market.
- In addition, these acquisitions will contribute to the growth of our cash flows and to the target of a profitability of 12 percent in the electricity segment, says Stéphane Michel.
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